As first quarter results roll off the printing presses, herd mentality and group-think are to the fore. Daimler, PSA and Volvo yesterday posted weaker than expected and smaller than last year numbers, saying operations in China were at the heart of the problem. More surprising perhaps was that Wall Street royalty 3M yesterday produced poor Q1 figures, saying it would cut 2000 jobs as part of its restructuring, also cutting earnings forecasts; shares fell 13 per cent to $190.72. Yesterday giant Caterpillar posted weak numbers suggesting Asia Pacific sales weren’t up to scratch.
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